Online cash advances

How does taking out a cash advance online work?

Applying for a cash advance online requires you choose a lender and submit your application. This process should take no more than a few minutes if you have all the required information close at hand. Most providers inform you of the application’s status shortly after.

If you’re looking for a same day cash advance, know that you have limited options. Not all lenders accept online applications and allow you to collect approved funds in-store. Typically, cash advance online loans give you access to money the following business day when the money is transferred into your bank account.

What cash advance options are available?

If you’re looking to apply for a cash advance, any of the following products might be an option to consider.

• Cash advance loans. These loans are short term loans applied for in-store or online. While the APR and fees will vary state-to-state, they are all generally quite high. Think carefully about whether you can afford your cash advance loan before you apply.
• Credit card cash advance. If you have an existing credit card, you can use it to get a cash advance. Remember the cash advance fee, which can be either a flat fee or a percentage of the amount you withdraw from your card, can be high.

If you want to repay your loan in increments, look into an installment loan

What features are offered when I get a cash advance online?

Go through online reviews to find a cash advance that works for you, then compare your results with these features to choose your best option:

• A simple online process. A good cash advance provider provides a user-friendly online cash advance application that should take only about 5 to 10 minutes. Many lenders also accept digital signatures on their loan contracts, further simplifying the process. Once approved, your funds will be available as soon as the next business day.
• Your choice of various store locations. If you’re looking for a same day cash advance, find lenders who allow in-store pickups. Certain cash advance lenders have extensive store networks across the US, meaning you can apply online and receive your funds in cash.
• State-specified fees. State laws and the amount you borrow affect the fees you end up paying, and lenders can also charge loan fees differently. Choose a lender who has fees you can easily pay back.
• Lenders who accept bad credit. While receiving a conventional loan with bad credit isn’t easy, most cash advance online lenders have relaxed criteria when compared to traditional loans given by banks and credit unions.

Robert's late water bill

Robert works as a mechanic near a local cash advance storefront. His wife has recently lost her job, and the water bill is due today. Because of the short wait between applying and being approved, Robert decides to take out a payday loan.

During his lunchbreak, he looks into the loan office. Robert finds out they do in-store pickup and completes the online application. He’s approved within minutes and picks up his loan from the store at the end of the business day, making a note to adjust his budget for the next month to account for the extra $150, which accounts for the loan principle and the extra fees.

Looking into a loan? Find out what we consider the best

Benefits and drawbacks of getting a cash advance online

What you should try to avoid

• Avoid a loan you can’t repay. If you think you’ll have trouble repaying your loan, don’t take it out. Late or missed payments will lead to extra charges, costing you more money.
• Avoid skimming your loan offer document. Before you accept the loan, take time to go through its terms and conditions carefully. This should give you a clear picture of the fees and charges you might have to pay under various circumstances.
• Avoid bad terms. If you have a loan offer that is extremely costly and full of fees, you’re under no obligation to accept the terms. There are lender-matching services that can help you find a better loan.

Still need more information? Questions we frequently get asked.

• How much can I borrow through cash advance online loans?

  The laws of your state and the lender’s policies determine how much you can borrow through a cash advance.

• What eligibility criteria do I have to meet?

  In most states, the minimum age for borrowers is 18. You should be a permanent resident or citizen of the US, have a regular source of income and have a valid checking account.

• Why do I have to provide my bank account details?

  When you apply for a cash advance online, your lender will transfer the approved funds into this account. On the due date, the lender will then request funds from the same account.

• Will the lender call my employer?

  Yes, you can expect your lender to call your employer for a formal employment verification.

• Can I pay the loan off ahead of time?

  Yes, you can, and in certain instances, you can even look forward to a refund of partial or complete loan fees. Some lenders will charge you prepayment fees, so keep this in mind when you’re signing a contract and looking to pay early.

• Are there any hidden costs I should be aware of?

  This varies from lender to lender. It’s important to read your loan contract to find out what fees and charges there are.

Written by

Elizabeth Barry

Senior editor

Elizabeth Barry is Digital Managing Editor for Entertainment at Are Media and formerly the lead editor for Finder's global financial niches which includes banking, crypto and investments. She has written about finance for 10 years and specialises in personal finance, including new and emerging areas of banking in Australia and globally. Elizabeth is regularly featured in a range of publications and media including Seven News, the ABC, MSN, the Irish Times and Singapore Business Review. See full bio